Pep Guardiola has been told by one of his former players that his legacy at Manchester City will be forever tainted if their guilty verdict on 114 charges of financial irregularities is upheld, just as the House of Commons has confirmed that a new probe into their finances has been given the green light.

The eight-time Premier League champions have been caught up in the biggest storm in the competition’s 34-year history, having been found guilty of inflating their finances by some £830m over nine years between 2009 and 2018.

And while City continue to protest their innocence and have lodged a rapid appeal against the guilty verdict, an independent panel is now deciding on the best course of punishment that City should face.

To that end, a huge points penalty, demotion from the Premier League, a stripping of their titles, plus a multi-year transfer ban are among the sanctions currently being discussed.

We were told on Tuesday that an announcement on Man City’s punishments could drag into next season, but their sanctions could expand beyond sporting penalties.

However, while it seems the ‘doomsday scenario’ has at least been ruled out, the prospects of an instant decision on what punishment they will face are starting to fade, with the appeals process running separately to that which will decide on a suitable punishment.

Meanwhile, a new investigation into their ‘sham’ commercial deals has now been launched by the UK regulator, who have announced, via a letter to the House of Commons business select committee from the Financial Reporting Council, that they are studying alleged irregularities in Manchester City’s club accounts.

And while only ‘preliminary inquiries’ have begun, it has been confirmed that the Institute of Chartered Accountants in England and Wales have taken ‘regulatory consideration’ of the case.

It’s not known what possible sanctions the club could face as a result if the independent commission also finds them guilty of financial irregularities.

Man City FFP: Lahm tells Guardiola his legacy has been tainted

During those nine years, Guardiola was in charge of first-team affairs from 2016 onwards, with the legendary Spaniard winning 20 major trophies during his decade-long stint in charge.

The Spaniard has already publicly declared his support for the club’s owners with a very strong declaration.

However, one of Guardiola’s former players at Bayern Munich, Philipp Lahm, has suggested his legacy at City may be forever tainted by the charges.

Speaking in his column for The Guardian, Lahm said: “As a player and a columnist, I never had an issue with Manchester City – precisely because, for many years, the club avoided buying the most obvious superstars.

Guardiola said it himself: the most valuable of the valuable do not go to a club such as City, who aren’t even the biggest football brand in their own home town.

“Many became world stars in Manchester. Kevin De Bruyne had been discarded by Chelsea, Rodri’s true class was overlooked in Madrid for a long time, Gündogan’s career was on the brink after injuries, and most recently Gianluigi Donnarumma was no longer wanted in Paris.

“In Germany, City signed players from Hamburg, Frankfurt and Wolfsburg. Erling Haaland in 2022 was the first player they targeted who was also pursued by Bayern Munich. City did not operate like Paris Saint‑Germain did in the era before Luis Enrique.

“From the outside, City fundamentally did not do much differently from the other 10 or so top European clubs. But what are achievements on the pitch worth if they are accompanied by rule-breaking?”

In light of all that, the Premier League’s plans to impose the maximum penalty possible on Man City has been leaked in a report.

The club’s former player, Peter Schmeichel, meanwhile, has argued why a delayed 125-point deduction would be the fairest punishment.

And finally, sources can confirm that City have a full agreement in place for their first signing since their FFP guilty verdict was delivered, with discussions now taking place on a delayed move until 2028.